Maryland State Retirement & Pension System, Baltimore, returned a net 6.46% for the fiscal year ended June 30, falling short of its 7.11% benchmark and 7.45% assumed rate of return.
The system now has $54.2 billion in assets, an increase of $2.4 billion over the year. For the fiscal year ended June 30, 2018, the system returned a net 8.06%.
"The system's returns reflect strong performance of private equity assets and nominal fixed-income assets along with positive but more modest returns in the remainder of the asset classes," Chief Investment Officer Andrew C. Palmer said in a news release.
Private equity was once again the system's best-performing asset class, with a net return of 13.7%. Rate-sensitive strategies provided a 9.3% return, followed by credit at 6.5%, real assets at 5.3%, multiasset at 4.4%, public equities at 3.9% and absolute return at 3%.